I had already stumbled upon this issue while working on my custom spells on my server. the link to it is
http://www.eqemulator.org/forums/showthread.php?t=32786. As a note, if you do #showstats it will show the effects of the buffs correctly. The %health bar also does not reflect the buff hps so they are probably tied to the same code/packet?
This seems to be some issue with the server code as I can use my exact same SoD/UF client from steam on PEQ:TGC and buffs/stats show up perfectly as they should on thier server. The question is, what is the code they have changed and or updated to enable this.
I have DLed the most recent EQEmu and PEQ SVNs and this is still an issue.